U.S. Economy Loses Jobs For First Time In 7-Years

According to experts, the cause of the job losses are the result of recent hurricanes not the structural soundness of the U.S. economy.

The labor market lost 33,000 jobs last month, though the unemployment rate fell to 4.2 percent, the lowest in 16 years. Major hurricanes Harvey, Irma and Maria last month devastated parts of Texas and Florida and all of Puerto Rico, weighing heavily on jobs. "Although the headline number for September is a loss of jobs, the first in seven years, the labor market remains in good shape," PNC chief economist Gus Faucher said in a statement.

Hiring is likely to pick up again in later Fall and Winter.

"Job growth should resume in October as the impact of the storms fades, and in fact will get a boost through the rest of this year and into 2018 because of rebuilding efforts, supported by federal aid and insurance payments," Faucher said.